Hi everyone,
Need some advice…..
I bought a brand new 2 bed 2 bath 1 parking unit in the Waterloo/Zetland area in Sydney and settled in the beginning of May. The building had numerous units so I knew it may take a while to lease as there were a lot on the market all at once. But it's still vacant…..
The original rent was $30pw under the majority as my one is on the first floor. It has been open mid week and on weekends with several groups going through on each occasion. We have lowered the rent and are currently asking $70pw under our original price. As far as I know there are still 3 others being advertised for rent.
There is noting odd/strange/weird about the unit. It presents well and has good quality (brand new) fixtures and fittings.
Our current property manager has leased several in the building, however, I'm starting to loose my patience and am thinking of moving on.
Has anyone else experienced a drop in rental demand in the Waterloo/Zetland area? Can anyone recommend a property manager that has experience in the Waterloo/Zetland areas?
Any assistance would be appriciated.
Simon.
gosh that is a worry. Maybe you need to rent the rooms individually?
Simon_G wrote:The original rent was $30pw under the majority as my one is on the first floor. It has been open mid week and on weekends with several groups going through on each occasion. We have lowered the rent and are currently asking $70pw under our original price.You mean $300, right??? Can not be that cheap
I had a similar problem to you with a property I had in Brisbane. It's a matter of patience because it will eventually rent out. It's so important to show confidence in your property manager otherwise you may as well move on now. Also, you must work closely with your PM and ask him questions about his marketing strategy, when to lower rent and presentation. I did talk to other agents about their strategy and found that they weren't much different from mine so decided to stick with him. One hint that I got with another property I had, was to review the rent every week and keep dropping it until someone shows interest. The more I dropped it the more interest that I got. You have to face the market realities rather than worrying about what you think you shoud get or what others are getting.
It took me about 6 weeks longer than I wanted to get a tenant but eventually I did at $60 below my original price. My property manager was able to organise the lease so that it finished in the peak period ie middle of January. I'm hoping to get back to full market price within a year or two.
Hope that the above helps you.
Hi Simon,
I would recommend that you contact Just Rent Sydney – they look after me personally and I also send them quite a few clients. Their website is http://www.justrentsydney.com.au
I have no other association with them other than I think they're very good at what they do.
Best of luck finding a tenant!
I think this is one of those situations mentioned many times in Steve's books. You've got the same property as everyone else, so you've got to start thinking about what you can offer potential tenants. I.e. If you had it fully furnished or offered a home theatre system or something that makes potential tenants go "That would be an awesome thing to have!" or makes their lives easier. Especially where there are a lot of similar properties, there's got to be something unique about yours that attracts people to it.
Thanks everyone for you comments. I'll just have to sit it out a bit longer.
I will be speaking with the PM later today. Originally it was the 'same property as everyone else' issue. but nearly all the properties have leased now so I don't think it is any longer a problem.
Simon.
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